Full Press Release Details
Announces Fourth Quarter and Fiscal Year End 2012 Financial Results and
Recent Corporate Accomplishments
ALAMEDA, Calif.--(BUSINESS WIRE)--March 18, 2013--BioTime, Inc. (NYSE
MKT: BTX), today reported financial results for the fourth quarter and
year ended December 31, 2012 and highlighted its fourth quarter and
recent corporate accomplishments.
Fourth Quarter and Recent Highlighted Corporate Accomplishments
Entered into a definitive agreement with Geron Corporation in which
BioTime's subsidiary BioTime Acquisition Corporation (BAC) will
acquire the patents and patent applications, biological materials, and
other assets related to Geron's human embryonic stem (hES) cell
programs, including Geron's Phase I clinical trial of oligodendrocyte
progenitor cells in patients with acute spinal cord injury, as well as
its Phase I/II clinical trial of its autologous cellular immunotherapy
program in patients with acute myelogenous leukemia.
Expanded the HyStem field-of-use
license from the University of Utah to an exclusive worldwide license
for all human medical applications.
Submitted protocol to European regulatory authorities for initiation
of human clinical trials of Renevia as a medical device for
the delivery of adipose stem cells for reconstructive surgery.
Updated plans for OncoCyte's initiation of a clinical study using PanC-Dx
for breast cancer screening in 2013.
Launched LifeMap BioReagents portal, Malacards
database, and LifeMap Discovery database though LifeMap
Raised cash proceeds of $14.7 million over the past five months
through the sale of BioTime common shares, including $1.4 million in
the fourth quarter of 2012, $13.3 million in the first quarter of 2013
to date, and will raise an additional $3 million through an amended
agreement with an investor which is expected to close on April 10,
"We have positioned 2013 to be a very pivotal year in the development of
our product opportunities as BioTime begins human clinical trials for Renevia ,
OncoCyte initiates its PanC-Dx clinical study, LifeMap
Sciences expands its revenue generating product offerings, and we move
to close our transaction with BAC and Geron," said Michael D. West,
Ph.D., BioTime's President and Chief Executive Officer. "The proceeds
from our recent equity financings will support the funding of our
operations and cash commitment to BAC through this year."
For the quarter ended December 31, 2012, on a consolidated basis, total
revenue was $1.2 million, down $0.5 million from $1.7 million for the
same period one year ago. The decrease in fourth quarter revenue is
primarily attributable to lower grant revenue related to the completion
of BioTime's research grant from the California Institute for
Regenerative Medicine (CIRM), and a decrease in the sale of research
products, partially offset by subscription and advertising revenues from
LifeMap Sciences' online database GeneCards ,
which LifeMap Sciences began marketing in May of 2012.
For the full year 2012, total revenue, on a consolidated basis, was $3.9
million, down $0.5 million from $4.4 million in 2011. The decrease in
annual revenue is primarily due to the same factors that contributed to
the decline in fourth quarter revenues. License revenue included
subscription and advertising revenues from LifeMap Sciences' online
database GeneCards , and accounted for
approximately $0.8 million in new revenue beginning at the end of the
second quarter of 2012.
Total expenses for the three months ended December 31, 2012 were $8.1
million, compared to expenses of $7.1 million for the same period of
2011. Fourth quarter operating expenses increased 14% from 2011 due to
an increase in staffing, and the expansion of research and development
efforts, including additional expenses in the Renevia clinical
development program and PanC-Dx cancer diagnostic development
program, and one-time transaction legal expenses related to Geron's stem
cell assets contribution agreement.
Total expenses for the full year ended December 31, 2012 were $28.5
million, compared to $23.0 million for the full year ended December 31,
2011. The increase in expenses is primarily related to an increase in
staffing, the expansion of research and development efforts, and
transaction legal expenses.
Net loss attributable to BioTime for the three months ended December 31,
2012 was $6.0 million or $0.12 per share, compared to a net loss of $5.4
million or $0.11 per share for the same period in 2011. Net loss
attributable to BioTime for the full year ended December 31, 2012 was
$21.4 million or $0.44 per share, compared to a net loss of $16.5
million or $0.35 per share for the full year ended December 31, 2011.
Net losses attributable to BioTime include losses from BioTime majority
owned subsidiaries based upon BioTime's percentage ownership of those
Net cash used in operating activities in the fourth quarter of 2012 was
$5.0 million compared to $3.8 million in the fourth quarter of 2011. For
the full year ended December 31, 2012, net cash used in operating
activities was $19.7 million, compared to $13.6 million for the same
period in 2011. The increased use of cash in 2012 reflects the hiring of
additional staff and the increased cost of research and development
programs in BioTime subsidiaries, including programs expanded through
business acquisitions, and specific transaction related legal and
administrative expenses..
Balance Sheet and Subsequent Financing Events
Cash and cash equivalents, on a consolidated basis, totaled $4.3 million
as of December 31, 2012, compared with $22.2 million as of December 31,
During the fourth quarter of 2012, BioTime raised gross proceeds of $1.1
million from the sale of 314,386 BioTime common shares at an average
price of $3.60 per share, and thus far during 2013, BioTime has raised
gross proceeds of $9.7 million from the sale of 2,191,175 BioTime common
shares at a weighted average price of $4.43 per share, in at-the-market
transactions. Additionally, certain BioTime majority-owned subsidiaries
hold BioTime common shares which may be sold in at-the-market or similar
transactions. During the fourth quarter of 2012, BioTime subsidiaries
raised gross proceeds of $0.3 million, and since January 1, 2013,
subsidiaries of BioTime have raised gross proceeds of $1.6 million from
the sale of BioTime common shares in at-the-market transactions. Cantor
Fitzgerald & Co. acted as sales agent for BioTime and BioTime's